Markets remain in green in late morning deals

Domestic equity indices continued to trade in green in late morning deals on account of buying in HDFC Bank, Kotak Mahindra Bank, NTPC and Power Grid companies’ stocks. Meanwhile, broader indices outperformed their large peers with BSE Mid cap index and Small cap index gaining in the range of 0.55-0.60%. Positive cues from US markets overnight supported domestic sentiments. Traders took a note of report that India's foreign exchange reserves saw a mild uptick of $1.6 billion to $618.94 billion as of January 12, 2024. However, upside remained capped as the labour ministry said that retail inflation for farm workers and rural labourers increased marginally to 7.71 per cent and 7.46 per cent in December 2023 compared to 7.37 per cent and 7.13 per cent, respectively, in November due to higher prices of certain food items. On the BSE sectoral front, traders were seen pilling up position in PSU, Utilities, Power, Energy and Meta, while selling was witnessed in FMCG, Realty, Auto, Consumer Durables and IT.

The BSE Sensex is currently trading at 71815.00, up by 131.77 points or 0.18% after trading in a range of 71610.25 and 72026.26. There were 16 stocks advancing against 14 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.58%, while Small cap index up by 0.56%.

The top gaining sectoral indices on the BSE were PSU up by 1.59%, Utilities up by 1.55%, Power up by 1.19%, Energy up by 0.87% and Metal up by 0.75%, while FMCG down by 0.53%, Realty down by 0.51%, Auto down by 0.08%, Consumer Durables down by 0.05% and IT down by 0.05% were the top losing indices on BSE.

The top gainers on the Sensex were Power Grid up by 1.97%, NTPC up by 1.46%, HDFC Bank up by 1.13%, Kotak Mahindra Bank up by 0.88% and Bharti Airtel up by 0.63%. On the flip side, Hindustan Unilever down by 2.91%, Indusind Bank down by 1.40%, Wipro down by 0.88%, Nestle down by 0.77% and Ultratech Cement down by 0.49% were the top losers.

Meanwhile, the labour ministry has said that retail inflation for farm workers and rural labourers increased marginally to 7.71 per cent and 7.46 per cent in December 2023 compared to 7.37 per cent and 7.13 per cent, respectively, in November due to higher prices of certain food items.

It stated Food inflation stood at 9.95 per cent and 9.80 per cent in December 2023, compared to 9.38 per cent and 9.14 per cent, respectively, in November 2023. Food inflation for farm workers and rural labourers was 5.89 per cent and 5.76 per cent, respectively, in December 2022. According to it, point to point rate of inflation based on the CPI-AL (Consumer Price Index-Agricultural Labourers) and CPI-RL (rural labourers) stood at 7.71 per cent and 7.46 per cent in December 2023 compared to 7.37 per cent and 7.13 per cent, respectively, in November 2023.

It was 6.38 per cent and 6.60 per cent for farm workers and rural labourers, respectively, during December 2022. The All-India Consumer Price Index Number for Agricultural Labourers and Rural Labourers in December 2023 increased by 4 points and 5 points, respectively, to stand at 1,257 and 1,267, respectively. The CPI-AL and CPI-RL were 1,253 points and 1,262 points, respectively, in November 2023.

The major contribution towards the rise in the general index of agricultural and rural labourers came from the food group to the extent of 3.24 and 2.98 points, respectively, mainly due to increase in prices of rice, wheat atta, jowar, bajra, maize, pulses, milk, meat goat, sugar, garlic, etc.

The CNX Nifty is currently trading at 21670.15, up by 47.75 points or 0.22% after trading in a range of 21604.30 and 21720.30. There were 24 stocks advancing against 26 stocks declining on the index.

The top gainers on Nifty were Coal India up by 4.16%, Power Grid up by 2.02%, NTPC up by 1.77%, Apollo Hospital  up by 1.50% and HDFC Bank up by 1.21%. On the flip side, Hindustan Unilever down by 3.11%, Indusind Bank down by 1.24%, Wipro down by 0.81%, Nestle down by 0.77% and TCS down by 0.75% were the top losers.